Automation is on the rise, and the RFP process is no exception. In RFP responses, automation provides better quality and reduces stress in the proposal process.
RFP volume continues its positive increase trend with an inverse relationship to win rates. Nearly 60% of businesses intend to submit more proposals this year. With this increase in volume, businesses are looking for ways to streamline the RFP process, increase efficiency, and reduce stakeholder stress. 66% of enterprise-level companies currently use RFP response software to save time and improve productivity.
Artificial Intelligence (AI)
Artificial intelligence (AI) can help proposal teams automate tasks. You’ve probably noticed that most RFP opportunities contain relatively simple questions, including company name, years in business, contact information, number of employees, and more. AI tools input this information from previous responses, saving writers time. AI learns from you over time, improving the accuracy of your results.
Content Libraries are another tool that smart businesses use in the RFP process. In a content library or content repository, content is housed in a centralized location that’s easy to navigate. With the assistance of AI, you can search for a phrase or an item and insert it into the new RFP responses. Content libraries reduce the stress of tracking and managing multiple RFP files and responses.
Design templates are also getting some help from Automation and AI. A responsive design template that addresses formatting requirements and creates graphics is time-consuming, driving the demand for design software that creates pre-formatted, reusable, and adjustable design templates. We will soon see more design software emerging with RFP-specific functionalities and customizations.
Internal stakeholder collaboration is more important than ever before as RFP technology continues to consolidate and condense proposal team tasks. True collaboration is more than a few meetings between SMEs, writers, and other employees. Integrating internal CRM systems allows businesses to provide accurate customer data in their RFP responses, providing better insight into what is relevant for each specific RFP and prospect. This high-level, strategic thinking pushes the boundaries of RFP technology.
The fun really starts once you submit your proposal. Tracking RFP responses provides invaluable insight into your company’s success and can help ensure you’re ready for future opportunities.
At Bidify, our people and technology work together to create winning proposals for our clients. Learn how our experts help guide you through the RFP process from sourcing opportunities to submission. Contact us to see how we can take the stress out of the RFP process.